VENEZUELAN business leaders are backing socialist President Nicolas Maduro’s decision to scrap currency notes trafficked by gangsters from Colombia.

The government closed the border with Venezuela’s eastern neighbour on Monday to prevent money-launderers smuggling back warehouses full of 100 bolivar notes that they had bought for 120 per cent of face value — causing a massive cash shortage in Venezuela.

On Tuesday, bosses’ club the National Council of Productive Economy gave its support to the decision to replace the notes with coins and new larger-denomination bills.